Laws, Regulations & Annotations

Property Taxes Law Guide – Revision 2011

Revenue and Taxation Code

Other Taxes

Part 6. Private Railroad Car Tax

Chapter 5. Overpayments and Refunds

Article 1. Claim for Refund

Section 11555

11555. Interest on overpayment. Interest shall be paid upon the amount of any overpayment of tax at the adjusted annual rate established pursuant to Section 19521 upon the amount found to have been illegally collected from the date of payment of the amount to the date of allowance of credit on account of the overpayment or to a date preceding the date of the refund warrant by not more than 30 days, the date to be determined by the board from the first day of the month following the month the tax becomes due. The interest shall be paid:

(a) In the case of a refund, to the last day of the calendar month following the date upon which the person making the overpayment, if he or she has not already filed a claim, is notified by the board that a claim may be filed or the date upon which the claim is approved by the board, whichever date is the earlier.

(b) In the case of a credit, to the same date as that to which interest is computed on the tax or amount against which the credit is applied.

History.—Added by Stats. 1972, p. 2530, in effect March 7, 1973. Stats. 1974, Ch. 54, p. 121, in effect January 1, 1975, substituted "upon the amount of any overpayment" for "upon any overpayment of any amount", and added "from the first day of the month following the month the tax becomes due" at the end of the first sentence after "board"; and added the second sentence and subdivisions (a) and (b) thereof. Stats. 1975, Ch. 661, p. 1432, in effect January 1, 1976, substituted "1 percent" for "one-half of 1 percent" in the first sentence. Stats. 1982, Ch. 5 (First Extra Session), in effect June 1, 1982, substituted "adjusted annual rate established pursuant to Section 19269" for "rate of 1 percent per month" after "tax at the" in the first sentence. Stats. 1996, Ch. 1087, in effect January 1, 1997, substituted "Section 19521" for "Section 19269" after "established pursuant to" in the first sentence; substituted "he or she" for "he" in subdivision (a).

Note.—Section 76 of Stats. 1975, Ch. 661, provided that notwithstanding Section 2231 of the Revenue and Taxation Code, there shall be no reimbursement pursuant to this section nor shall there be any appropriation made by this act because this act contains a revenue source which may be utilized by local governments to cover the cost of the mandate. Sec. 78 thereof provided that the interest rate change in this act shall apply to all interest accrued on or after January 1, 1976.

Note.—Section 89 of Stats. 1982, Ch. 5 (First Extra Session) provided that the provisions of this act shall apply to all interest and additions to tax accruing on or after the effective date of this act.